Enphase Energy Announces Safe Harbor Agreement with IGS Solar to Expand Deployments of IQ8 Microinverters Produced in the United States
Enphase Energy has announced a safe harbor agreement with IGS Solar to expand deployments of IQ8 Microinverters manufactured in the United States. The agreement enables IGS Solar-financed leases to qualify for the domestic content bonus tax credit under the Inflation Reduction Act when using IQ8HC Microinverters with 'DOM' suffix SKUs. Leading solar installers including Venture Solar, Momentum Solar, and Ecohouse Solar will install these U.S.-made microinverters on IGS Solar owned projects. The safe harbor mechanism allows IGS Solar to freeze domestic content requirements year-over-year, providing installation partners time to develop domestic content equipment strategies while maintaining economics.
Enphase Energy ha annunciato un accordo di safe harbor con IGS Solar per espandere l'installazione degli Microinverter IQ8 prodotti negli Stati Uniti. L'accordo consente ai contratti di locazione finanziati da IGS Solar di qualificarsi per il credito d'imposta bonus di contenuto domestico ai sensi dell'Inflation Reduction Act quando si utilizzano Microinverter IQ8HC con SKU con suffisso 'DOM'. I principali installatori di energia solare, tra cui Venture Solar, Momentum Solar e Ecohouse Solar, installeranno questi microinverter made in U.S. su progetti di proprietà di IGS Solar. Il meccanismo di safe harbor consente a IGS Solar di congelare i requisiti di contenuto domestico di anno in anno, fornendo ai partner di installazione il tempo per sviluppare strategie di attrezzature con contenuto domestico mantenendo la sostenibilità economica.
Enphase Energy ha anunciado un acuerdo de safe harbor con IGS Solar para expandir la implementación de los Microinversores IQ8 fabricados en Estados Unidos. El acuerdo permite que los arrendamientos financiados por IGS Solar califiquen para el crédito fiscal por contenido nacional bajo la Ley de Reducción de la Inflación al utilizar Microinversores IQ8HC con SKU que tienen el sufijo 'DOM'. Los principales instaladores solares, incluidos Venture Solar, Momentum Solar y Ecohouse Solar, instalarán estos microinversores fabricados en EE. UU. en proyectos de propiedad de IGS Solar. El mecanismo de safe harbor permite a IGS Solar congelar los requisitos de contenido nacional de un año a otro, brindando a los socios de instalación tiempo para desarrollar estrategias de equipos con contenido nacional mientras mantienen la viabilidad económica.
Enphase Energy는 IGS Solar와 함께 미국에서 제조된 IQ8 마이크로인버터의 배포를 확대하기 위한 안전항구 계약을 발표했습니다. 이 계약은 IGS Solar가 재정 지원하는 임대가 ‘DOM’ 접미사 SKU가 포함된 IQ8HC 마이크로인버터를 사용할 때 인플레이션감소법에 따른 국내 콘텐츠 보너스 세액공제를 받을 수 있도록 합니다. Venture Solar, Momentum Solar, Ecohouse Solar와 같은 주요 태양광 설치업체가 IGS Solar 소유 프로젝트에 이러한 미국산 마이크로인버터를 설치할 것입니다. 안전항구 메커니즘은 IGS Solar가 매년 국내 콘텐츠 요구 사항을 동결할 수 있게 하여 설치 파트너가 경제성을 유지하면서 국내 콘텐츠 장비 전략을 개발할 시간을 제공합니다.
Enphase Energy a annoncé un accord de safe harbor avec IGS Solar pour étendre le déploiement des micro-onduleurs IQ8 fabriqués aux États-Unis. Cet accord permet aux baux financés par IGS Solar de se qualifier pour le crédit d'impôt pour contenu domestique en vertu de la loi sur la réduction de l'inflation lorsqu'ils utilisent des micro-onduleurs IQ8HC avec des SKU au suffixe 'DOM'. Des installateurs solaires de premier plan, tels que Venture Solar, Momentum Solar et Ecohouse Solar, installeront ces micro-onduleurs fabriqués aux États-Unis sur des projets détenus par IGS Solar. Le mécanisme de safe harbor permet à IGS Solar de geler les exigences de contenu domestique d'année en année, offrant aux partenaires d'installation le temps de développer des stratégies d'équipement à contenu domestique tout en maintenant l'économie.
Enphase Energy hat eine Safe-Harbor-Vereinbarung mit IGS Solar bekannt gegeben, um die Einsätze von in den USA hergestellten IQ8-Mikroinvertern auszubauen. Die Vereinbarung ermöglicht es von IGS Solar finanzierten Leasingverträgen, für den Bonussteuerabzug für nationale Inhalte gemäß dem Inflation Reduction Act zu qualifizieren, wenn IQ8HC-Mikroinverter mit 'DOM'-Suffixt-SKUs verwendet werden. Führende Solarinstallateure, darunter Venture Solar, Momentum Solar und Ecohouse Solar, werden diese in den USA hergestellten Mikroinverter in Projekten von IGS Solar installieren. Der Safe-Harbor-Mechanismus erlaubt es IGS Solar, die Anforderungen an nationale Inhalte von Jahr zu Jahr einzufrieren, wodurch Installationspartner Zeit erhalten, um Strategien für Geräte mit nationalem Inhalt zu entwickeln und gleichzeitig die Wirtschaftlichkeit aufrechtzuerhalten.
- Partnership enables qualification for domestic content bonus tax credits under IRA
- Expansion of U.S.-based manufacturing capabilities
- Strategic collaboration with multiple leading solar installers
- None.
Insights
This safe harbor agreement marks a strategic expansion in Enphase's domestic manufacturing initiative, positioning the company to capitalize on IRA tax benefits. The partnership with IGS Solar and major installers like Momentum Solar and Venture Solar creates a significant revenue channel for U.S.-made IQ8 Microinverters.
The deal's structure is particularly clever - by freezing domestic content requirements through safe harboring, IGS Solar provides installation partners valuable flexibility in meeting qualifications while maintaining project economics. This should accelerate adoption of Enphase's U.S.-made products and help capture market share in the growing commercial and residential solar segments.
The domestic content bonus credit represents a meaningful financial incentive that could boost margins and competitive positioning. While specific revenue projections aren't provided, the agreement with multiple large installers suggests material volume potential.
IGS Solar partners with leading solar installers like Venture Solar, Momentum Solar, and Ecohouse Solar to earn Domestic Content Bonus Credit
FREMONT, Calif., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world's leading supplier of microinverter-based solar and battery systems, today announced a safe harbor agreement with IGS Solar, a top solar finance company, to help expand deployments of Enphase’s IQ8™ Microinverters supplied from manufacturing facilities in the United States. Enphase IQ8HC™ Microinverters that have SKUs with a “DOM” suffix, paired with other U.S.-made solar equipment, enable IGS Solar-financed leases to qualify for the domestic content bonus tax credit under the Inflation Reduction Act (IRA).
“Safe harboring” is a mechanism that enables developers and financiers like IGS Solar to freeze domestic content requirements from one year to the next. For example, when IGS Solar safe harbors Enphase microinverters in 2024, it makes it easier for their installation partners to meet the domestic content qualifications in 2025 by avoiding any changes to the requirements. This provides IGS Solar’s installation partners with valuable time to formulate and execute a domestic content equipment strategy, while keeping their economics unchanged until they can put a holistic solution in place.
The domestic content bonus tax credit is only available to commercial asset owners, which includes commercial businesses adding solar and power purchase agreements (PPAs) or lease providers who own residential solar projects. Through this new arrangement, leading solar installers like Venture Solar, Momentum Solar, and Ecohouse Solar will install IGS Solar-owned IQ8 Microinverters supplied from U.S. manufacturing facilities on IGS Solar owned projects, which will help solar projects qualify for the domestic content bonus tax credits.
“We're thrilled to partner with IGS Solar and Enphase to expand the deployment of IQ8 Microinverters produced at U.S. manufacturing facilities,” said Alex Yackery, co-founder of Venture Solar. “This collaboration allows us to offer cutting-edge, American solar technology to our customers while helping projects qualify for valuable tax incentives. By aligning with Enphase’s commitment to quality and innovation, we are strengthening our shared mission to advance domestically manufactured clean energy across the country.”
"This exciting collaboration will bring American products and more world-class, innovative technology to our customers," said Arthur Souritzidis, CEO of Momentum Solar. "It enables us to deliver high-quality and reliable solutions while helping our commercial clients access valuable tax benefits. Working with Enphase, we are able to enhance the value of solar for our customers and contribute to a more sustainable energy landscape in the United States."
“Ecohouse’s adoption of Enphase products ushers in a new era of value creation for us and our orbit of stakeholders,” said James Valerioti, director at Ecohouse Solar. “We remain confident and optimistic about the impact domestic manufacturing will have on the industry at large while furthering our country’s goal of energy independence.”
“Integrating Enphase’s domestic content-qualified IQ8 Microinverters into our solar solutions is an extraordinary win for IGS Solar, our partners, and our customers,” said Wesley Hahn, senior director of residential solar at IGS Solar. “The collaboration with the Enphase team combined with the reliability and performance of Enphase products are unmatched. The partnership between IGS Solar and Enphase reinforces our commitment to supporting American manufacturing while delivering top-tier technology to our residential solar customers across the country.”
“This collaboration represents a significant step forward for both Enphase and the solar industry as we continue to expand the availability of microinverters made at our U.S. manufacturing facilities,” said Ken Fong, vice president and general manager of the Americas at Enphase Energy. “Working alongside these great companies allows us to better serve homeowners across the country, helping them unlock more value while contributing to the growth of the clean energy economy in America.”
Enphase encourages those interested in the domestic content bonus tax credit to consult their own legal and tax professionals to confirm whether the credit is applicable to them. Please visit the website for more information about IQ8HC Microinverters and Enphase manufacturing.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company based in Fremont, CA, is the world's leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 78.0 million microinverters, and over 4.5 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com/.
©2024 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.
About IGS Energy
IGS Energy is redefining what it means to be an energy retailer. We are leading a transition to a more sustainable energy future for a healthier planet by empowering home and business customers to source the energy that’s right for them, manage their costs and carbon footprint, and protect the systems that keep their homes running efficiently.
As a proudly private company that follows the principles of Conscious Capitalism, we prioritize the needs of our customers, our employees and the communities where we live and work.
IGS Energy offers sustainable technologies and services, including
IGS Solar is an affiliate of IGS Energy, since its establishment in 2017, the company has deployed over
Forward-Looking Statements
This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality and reliability; the ability of IGS Solar and installers to expand deployments of IQ8 Microinverters supplied from manufacturing facilities in the United States; and statements regarding the domestic content tax bonus credit. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, or changes in its expectations, except as required by law.
Contact:
Enphase Energy
press@enphaseenergy.com
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FAQ
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